10% of the shortfall, not the asset. assuming the asset is worth 50% and even if the borrower did pay 10% of the loan not the shortfall, that would be a 60% recovery for the banks. An yes there would be High-Fives to beat the band, if the banks could achieve this.
And in terms of your bankers waffle about entering into a written contract, all borrowers did that but only the small guys are being asked to stick to it.
Excellent grasp of basic maths, but I think we could figure that out. 60% recovery is based on "10% of the loan not the shortfall" as clearly stated in the text.10% of the shortfall of 50% would leave the bank with 55%.
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